Speaker 1: Bloomberg Audio Studios, Podcasts, radio, news.
Speaker 2: Single best Idea and it was just a wonderful day.
Speaker 2: We could do like a three hour single best idea.
Speaker 2: We just wonderful guests given the exceptional news for a
Speaker 2: major shout out to our Tea Live service. It's on
Speaker 2: the Bloomberg terminal and it's a team of five, six,
Speaker 2: eight of our senior editors basically from Dublin through London,
Speaker 2: down through Europe into the Middle East, moving all the
Speaker 2: different dialogue and really with an advantage of translation as
Speaker 2: well of what we're getting out of Iran. Just thank
Speaker 2: you to them for driving all of our news flow
Speaker 2: forward today. With Michael Barr and Monica Rix as well.
Speaker 2: Richard Clareda came by the former vice chairman of the FED.
Speaker 2: Great conversation on his Columbia University. I asked him about
Speaker 2: all of the different FED officials and how unique Governor
Speaker 2: Myron is here is Richard Clareda.
Speaker 1: Models are tools, but they're backward looking, and in particular,
Speaker 1: I think oftentimes the argument that Governor Myron has made
Speaker 1: is he has a personal individual belief that the neutral
Speaker 1: interest rate in the US is well below the current
Speaker 1: level and well below where the committee believes. You know,
Speaker 1: he could be right, but I don't think that is
Speaker 1: the view on the committee, So I think he'll continue
Speaker 1: to be a minority view on that.
Speaker 2: Years and years of practice. There a delicate answer, nicely
Speaker 2: said from Richard Clarita of his colleague and economic Stephen Myron,
Speaker 2: a governor of the Federal Reserve System at this time,
Speaker 2: Friend Sua Trehan with the Bank of Montreal BEIMO Capital Markets.
Speaker 2: Friend Suatrehan on the moment at hand and risk.
Speaker 3: People say, all right, we can't have non inflationary growth
Speaker 3: because we don't have excess capacity. Why can't AI play
Speaker 3: that role with productivity? And that sounds logical when you
Speaker 3: think about it, when you dig into the data, you
Speaker 3: realize that it's not feasible in twenty twenty six and so.
Speaker 3: And the reason for this is that AI is really
Speaker 3: for now a phenomenon of the very large companies. Small
Speaker 3: business America has not really embraced it. And small business
Speaker 3: America creates three quarters of jobs in the US. And so,
Speaker 3: until you know this is adopted broadly, I don't think
Speaker 3: we're going to see the employment phenomenon that a lot
Speaker 3: of people are looking for.
Speaker 2: Beautifully frames the risk of AI in this twenty twenty
Speaker 2: six and the total mystery or where We'll be out
Speaker 2: there somewhere Friends Hotan, BMO Capital Markets on our podcast
Speaker 2: run Apple, on Spotify, particularly Good Morning to the Pacific RIM,
Speaker 2: which we hear does well of Spotify and on YouTube podcasts.
Speaker 2: A single best idea m HM